Authorities in Odisha Expose Cryptocurrency Scam Involving GBE Crypto Trading Company of Over INR 7.6 Million

user avatar

by Giorgi Kostiuk

2 years ago

Made with AI

  1. Investigation of the Crypto Scam
  2. Scammers' Tactics
  3. Account Freeze and Next Steps


    4. Authorities in Odisha, India, have exposed a large cryptocurrency scam that cheated investors out of over INR 7.6 million (around $90,604). The scam involved a fake crypto trading platform called GBE Crypto Trading Company.

    Investigation of the Crypto Scam

    According to [local reports](https://www.newindianexpress.com/states/odisha/2024/Aug/26/balangir-police-cracks-crypto-scam-nabs-four-from-rajasthan-for-rs-76-lakh-fraud), the name was intentionally designed to sound like GBE Brokers, a well-known brokerage firm based in Cyprus, to trick people into trusting the fake platform.

    Scammers' Tactics

    The scammers operated mainly through WhatsApp and Telegram, where they shared a fake trading app. To hide their identity, they used virtual phone numbers and VPN services, making it difficult for police to trace their activities. An investigation by the Cyber Police Station in Balangir, Odisha, discovered that the scammers had registered several fake domains pretending to be real trading platforms.

    Account Freeze and Next Steps

    Although it’s unclear if they directly impersonated GBE Brokers, their tactics were convincing enough to fool many investors. Superintendent of Police Rishikesh Khilari reported that more than 60 bank accounts linked to the scam have been frozen, and INR 85 lakhs (about $101,334) has been seized. The police are still investigating to recover more money and catch others involved.

    Authorities continue to work on uncovering and preventing such scams in the future to protect investors and create a safer financial environment.

Tier I

Sector: #18291

Sealed Hiding Place Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, hiding places will be stored in your inventory and can be opened with Keys.

Other news

NYSE Partners with Major Firms for Tokenized Securities Initiative

On November 2, the New York Stock Exchange announced partnerships with Broadridge, Computershare, Equiniti, and Superstate to support a proposed tokenized securities venue aimed at enhancing infrastructure and improving market operations.

user avatarGustavo Mendoza

BTCPay Servers 247 Release Addresses Security Vulnerabilities

The latest release of BTCPay Servers, version 247, includes critical security fixes to enhance security for businesses operating their own Bitcoin payment servers.

user avatarRajesh Kumar

Aave Freezes tBTC Supply and Borrowing Amid Threshold's Pause

Aave contributors announced a freeze on additional tBTC supply and borrowing in its Ethereum Core market following Threshold's temporary pause of the token's mint and redeem functions.

user avatarMiguel Rodriguez

BitMine Immersion Technologies Reports Significant ETH Holdings

BitMine Immersion Technologies disclosed its holdings of 6,060,506 ETH as of November 1, with a significant portion staked.

user avatarLuis Flores

CrowdStrike Introduces AI Agent Kill Switch to Enhance Corporate Security

CrowdStrike has introduced an AI agent kill switch to enhance security in corporate networks, allowing administrators to stop unauthorized AI activities.

user avatarArif Mukhtar

TLDR Strategy Acquires Additional Bitcoin and Repurchases Preferred Shares

TLDR Strategy announced the acquisition of 811 Bitcoin for approximately $655 million and the repurchase of about $208.2 million of its STRC preferred shares.

user avatarMaria Gutierrez

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.